Rocky Mountain Microfinance Institute
- Assets
- $4.4m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 32
- Location
- Denver, CO
- Founding
- 03/2010
- Data as of
- 09/2022
- EIN
- 26-3218152
Organization Overview
Rocky Mountain Microfinance Institute is located in Denver, CO. The organization was established in 2010. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Rocky Mountain Microfinance Institute employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rocky Mountain Microfinance Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2022, Rocky Mountain Microfinance Institute generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 30.1% each year . All expenses for the organization totaled $2.4m during the year ending 09/2022. While expenses have increased by 22.7% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
POTENTIAL THROUGH THE POWER OF ENTREPRENEURSHIP. RMMFI INVESTS INENTREPRENEURS' PERSONAL AND BUSINESS DEVELOPMENT THROUGH A PROVEN MIXOF CLASSROOM, COACHING, CAPITAL, AND COMMUNITY. SINCE 2008, RMMFI HASSUPPORTED THE LAUNCH OR EXPANSION OF MORE THAN 300 BUSINESSES INCOLORADO, 90% OF WHICH ARE OWNED BY WOMEN AND/OR PEOPLE OF COLOR, ANDLENT OVER $878,000 THROUGH MORE THAN 300 LOANS WITH A 94% REPAYMENTRATE. INTENTIONALLY BUILT ALONG THE IDEA, LAUNCH, AND THRIVE BUSINESSINCUBATOR PATHWAY, RMMFI'S PROGRAMS HELP ENTREPRENEURS BUILD STRONGFOUNDATIONS IN BOTH THEIR BUSINESSES AND THEIR LIVES. RMMFI'S HOLISTICAPPROACH BRINGS PEOPLE, BUSINESSES, AND COMMUNITIES TOGETHER TO ALLOWINDIVIDUALS TO TAP INTO THE SOCIAL AND ECONOMIC BENEFITS OF BUSINESSOWNERSHIP AND CREATE IMPACT FOR THEIR BUSINESS, THEIR HOUSEHOLD, ANDTHEIR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IDEA- EVERY ENTREPRENEUR'S JOURNEY STARTS WITH AN IDEA. WHETHER IN BUSINESS FOR A WHILE AND HAVEN'T SEEN THE RESULTS THEY'VE WANTED OR HAVE MULTIPLE IDEAS AND CAN'T DECIDE WHICH TO PURSUE, THE IDEA PHASE OF RMMFI'S PROGRAMMING HELPS BUILD THE FOUNDATIONS NEEDED FOR SUCCESS. INIDEA, QUALIFIED ENTREPRENEURS CAN RECEIVE: COHORT-BASED PROGRAMMING,MENTORSHIP, AND SEED CAPITAL.LAUNCH - AFTER COMPLETING THE IDEA PHASE, RMMFI INVITES QUALIFIEDENTREPRENEURS TO CONTINUE THEIR BUSINESS JOURNEY IN THE LAUNCH PHASE.JUST LIKE IT SOUNDS, LAUNCH IS ALL ABOUT HELPING GET BUSINESSES UP ANDRUNNING WITH AN ACTIONABLE PLANS AND ALL THE TOOLS AND SUPPORT THEYNEED. THE LAUNCH PHASE BEGINS WITH BUSINESS LAUNCH BOOT CAMP, A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Abbey O' Neal Chair | OfficerTrustee | 3 | $0 |
Ravi Duggirila Chair Elect | OfficerTrustee | 3 | $0 |
Jay Whisenton Secretry | OfficerTrustee | 3 | $0 |
Deanna Mettler Treasurer | Trustee | 2 | $0 |
Chris Coble Exec Committee Member At Large | Trustee | 2 | $0 |
Edgar Aguilar Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,133,877 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,389,256 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,523,133 |
| Total Program Service Revenue | $13,316 |
| Investment income | $3,593 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,540,042 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $33,271 |
| Compensation of current officers, directors, key employees. | $122,335 |
| Compensation of current officers, directors, key employees. | $14,416 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,691,333 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $140,465 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,854 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $58,108 |
| Information technology | $68,664 |
| Royalties | $0 |
| Occupancy | $16,234 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,198 |
| Insurance | $13,046 |
| All other expenses | $16,171 |
| Total functional expenses | $2,415,939 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,637,751 |
| Savings and temporary cash investments | $992,564 |
| Pledges and grants receivable | $544,720 |
| Accounts receivable, net | $6,200 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $204,896 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,637 |
| Net Land, buildings, and equipment | $2,230 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,399,998 |
| Accounts payable and accrued expenses | $57,480 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $450,000 |
| Other liabilities | $0 |
| Total liabilities | $507,480 |
| Net assets without donor restrictions | $1,753,780 |
| Net assets with donor restrictions | $2,138,738 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,399,998 |
Grants Awarded
Over the last fiscal year, Rocky Mountain Microfinance Institute has awarded $78,100 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COMMUNITY ENTERPRISE DEVELOPMENT PURPOSE: GENERAL OPERATING | $34,100 |
SECOND CHANCE CENTER PURPOSE: GENERAL OPERATING | $44,000 |